Reliance Jio is Planning Their Own Cryptocurrency Named JioCoin

If the reports are to be believed, then the venture led by India's richest man is looking to launch its own cryptocurrency with the name JioCoin.

Reliance Jio has not responded to Mint's email about the development yet.

Cryptocurrency JioCoin Planned By Indian Telecom Giant

Well, as per a new report by Livemint, Indian telecom operator Reliance Jio wants to step into the world of cryptocurrency by introducing its own digital currency called JioCoin. The company is planning to build JioCoin along with 50 team members of young professionals who will work on blockchain technology that will be used to develop applications such as smart contracts and supply management logistics.

The Reliance Industries is Going to Hire 50 young Professionals For this JioCoin Project that with an average age of 25 Years for the Akash Ambani to Lead this Project. There are multiple applications of blockchain (for the company).

Blockchain is a digital laser, which stores data, includes financial transactions, but it is not limited. This Database is Not Stored on the Physical Serves but on the Cloud that which Makes it Easy to Store an Unlimited Data. The developed blockchain technology would have applications in cryptocurrency as well as in the Internet of Things (IoT). We can deploy smart contracts. It can also be used for supply chain management.

The company also plans to use blockchain technology in Internet of Technology (IOT). The person, however, said all of this was "in proposal stage". However, the legal status of cryptocurrency has not had a clear vision in India as the RBI and Finance Minister Arun Jaitley had issued warnings against the cryptocurrency use.

"A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken", Jaitley said, adding that the government does not consider cryptocurrencies to be legal tender.

Recently it was reported that many Indian Bitcoin exchanges have been facing difficulties with INR withdrawals as Indian banks had been blocking payments and withdrawals by bitcoin exchanges. It claimed that the recent price surge of cryptocurrencies such as bitcoin is being driven only by speculation and underscored the risk of an investment bubble.

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